“Ransomware attacks increased by 50% worldwide” (Checkpoint)
Ransomware attacks are continuously growing in various industries. The attackers aren’t sparing any business, may it be a small or a big one. Attackers are continuously searching for opportunities to get into your systems, launch an attack, and demand ransom. If your business doesn’t have strong data security then it’ll fall prey to an attack. But you might be wondering why your business will suffer from an attack as it isn’t well recognized, it is small, and it doesn’t contain huge data. Well here’s the scenario of today’s world: Many cyberattackers don’t know the actual coding and still they successfully launch an attack. How? The answer to this question is simple: With Ransomware as a service (RaaS). This blog highlights everything you must know about ransomware as a service so you know why ensuring data security measures is essential even if you are a small business.
What is ransomware as a service(RaaS)?
Ransomware as a service is an adaption of software as a service business model that involves selling or renting ransomware to affiliates (buyers). It allows attackers having minimal knowledge to launch an attack by selling the ransomware codes. This business model made launching attacks even easier than before and is continuously growing. Many RaaS organizations even conduct interviews to identify potential affiliates so that they are safe from being caught. RaaS is a win-win model as it benefits both parties. Affiliates can earn without knowing the actual technical part and ransomware developers can increase their profits without actually launching the attacks. It is a growing cyber threat so keeping your business data safe should be a priority as it’s your responsibility.
How does ransomware as a service business model works?
Ransomware as a service is software as a service provider which can be accessed online using subscriptions. Operators are assigned specific roles like leader, developer, and infrastructure & system administrator. Some roles or tools might be outsourced for example, a group might have a strong penetrating testing team but might lack the necessary ransomware software. This is how the whole system works; either by creating the ransomware by itself or by outsourcing a particular thing to another group.
Top Ransomware as a service variants
The top RaaS operators are already a big name in successfully launching ransomware attacks. They are as follows:
- Ryuk: It is one of the most prolific and expensive ransomware variants in existence. According to research in 201,9, it is estimated that among the total ransomware attacks that happened, Ryuk was responsible for one-third of the attacks. Ryuk is a ransomware version attributed to the hacker group WIZARD SPIDER. It compromised governments, academia, healthcare, manufacturing, and technology organizations. In 2019, Ryuk had the highest ransom demand at USD 12.5 million and by the end of 2020, a total of USD 150 million was demanded.
- Lockbit: It was first observed in September 2019 and since then, it has evolved: LockBit 2.0 appeared in 2021; LockBit 3.0 appeared in 2022. When it is used as Ransomware-as-a-Service (RaaS), an Initial Access Broker (IAB) deploys first-stage malware or otherwise gains access within a target organization’s infrastructure. Then the affiliates sell that access to the primary LockBit operator for second-stage exploitation.
- REvil: It is also known as Sodinokibi. It is the competition of Ryuk and is one of the greediest ransomware variants. When it is operated as a service it relies on affiliates to distribute the ransomware and carry out attacks, with the original gang receiving 20% to 30% of the illegal proceeds.
- Egregor: It is also known as Maze. The Maze ransomware group made history by introducing the concept of double extortion. Maze has ceased operations but ransomware variants like egregor are still operational and run under the RaaS affiliate model.
The above-mentioned are a few of the ransomware variants. Many more variants are operating and delivering the service.
What are the RaaS revenue model?
Revenues are earned depending on the model decided between the affiliate and the developer. The payments are accepted in cryptocurrency and business is done on the dark web. The following are the business models:
- Affiliate RaaS: If the attack becomes successful then a small percentage of the revenue is shared with the developer to run a more efficient service and streamline their ransomware attacks.
- Subscription-based RaaS: Affiliates pay a particular subscription price to use the ransomware code.
- Lifetime license: Affiliates pay a one-time fee and get unlimited access. They do not share any profit with the developers if the attack is successful.
- Partnership: The profit is decided only after the attack becomes successful.
The above are different ways in which revenue is distributed among developers and affiliates.
Impact of Ransomware as a service on businesses.
The rise of Ransomware as a Service has had a profound impact on businesses worldwide, including:
- Increased Frequency of Attacks: With the availability of ready-made codes the number of ransomware attacks has increased a lot. More individuals can now launch attacks, even if they are not highly skilled which increases the overall volume of incidents.
- Targeting Small and Medium Enterprises (SMEs): Small businesses are very easy targets and are more vulnerable to RaaS cyber security threats as they lack the resources to implement cybersecurity defenses.
- Financial Losses: Ransomware attacks result in financial losses. Even after paying the ransom, the financial loss is huge. The losses are due to business downtime, data recovery, and reputational damage.
- Evolving Threats: As RaaS platforms continue to evolve, businesses are facing more sophisticated and targeted attacks. This evolution makes traditional security measures less effective. So businesses should focus on more advances cyber security techniques.
Ways to prevent Ransomware as a service
The following are the ways using which you can protect your organization from RaaS:
- Patch and monitor vulnerabilities with the attack surface management platforms to limit entryways into your systems.
- Limit the access of the important systems to some authorities.
- Educate your employees on phishing attacks and other from of cyberattacks. Tell them to immediately inform to tech team if anysuspiciouss activity is found.
- Ensure your endpoint passwords are not easily detectable and updated regularly.
- Store your data on onsite and offsite locations Ensure backing up your data regularly.
The above-mentioned are a few ways in which you can follow to protect your data from ransomware.
Conclusion
RaaS has revolutionized the cybercriminal ecosystem by making sophisticated ransomware attacks accessible to nearly anyone. The rise of RaaS presents a significant challenge to businesses worldwide, as attacks become more frequent, widespread, and devastating. However, with the right cybersecurity strategies, businesses can reduce the risks and protect their valuable data.
DataGalaxy helps you protect your data even after an attack without paying any ransom. To know more contact us now.
FAQ's
What is ransomware as a service(RaaS)?
It is a business model in which professional hackers or cybercriminals develop the code that encrypts the business data. Then these attackers sell ransomware-aided code to less-skilled individuals or groups. The people who buy the code use it to attack the systems of their targets.
How does Ransomware as a Service work?
RaaS providers, create and maintain the ransomware software. Affiliates (the users) launch attacks on victims. If a ransom is paid, the affiliate and the RaaS providers share the profits.
Is ransomware as a service legal?
No, ransomware as a service is not legal. Individuals involved in the creation, distribution, or use of RaaS are committing crimes and face severe legal consequences if caught.
How can businesses protect against RaaS attacks?
Businesses can protect themselves by training employees on phishing threats, implementing regular backups, using firewalls and antivirus software, patching vulnerabilities, and having an incident response plan in place.
What impact does RaaS have on small businesses?
RaaS has increased the frequency of ransomware attacks, especially targeting small and medium enterprises (SMEs).